I was surprised to see statistics from the recent global market research firm Statista which was published on Feb 21, 2021 . The agency surveyed 55 countries in the world for the use of cryptocurrency, because Vietnam was found to be the second-largest cryptocurrency user in the world.
Nigeria was in first place and Philippines in third place. This is the result of a survey conducted with 2,000 to 12,000 residents of each country.
In Nigeria, 32% of those surveyed last year said they owned or used cryptocurrency assets. According to Google Trends, Nigeria is also the country with the highest number of keyword searches for'Bitcoin' in the world. In Vietnam, 21% of respondents said they had experience using cryptocurrency last year.
It is not legal to use cryptocurrency in Vietnam. However, many people are using this without worrying about it. What is the reason?
The dollar is by far the safest asset in Vietnam. Vietnamese people don't really believe in institutional banks. I believe that if the country stumbles, the money in the bank can also be shaken. However, the dollar hidden in the closet is an emergency fund that the country can't help with. That's why wealthy Vietnamese people don't hesitate to make and accumulate dollars whenever they can.
To what extent private finance has developed, the dollar prize in tourist destinations is worth the dollar more than the institutional banks.
If tourists want to pick up dollars and exchange them for Vietnamese dong, it is best to go to a private dollar store rather than to a hotel or bank. This is only possible when private finance has a'economy of scale'.
There are also many people in Vietnam who go to work abroad. There are quite a few people who go to work in Japan or China, not just for chores, but for high-income wages in the form of dispatches from companies. It is not easy to imagine that they bury their money in financial sectors that are not well used in their own country in other countries, and they will somehow send money to Vietnam to bury it in dollars. Perhaps cryptocurrency is explosively used in this process. This is because if you send Vietnamese dong or money in dollars, it is caught by the authorities radar. However, if you send it in cryptocurrency, you can send money efficiently without state surveillance. Recognizing this problem, the Vietnamese authorities formed a research team to develop a policy related to cryptocurrency in May of last year.
It is proclaiming that various controls will be added to bring the cryptocurrency issue hidden underground to the surface, but it will take more time for concrete implementation.
When looking at the top countries using cryptocurrency, Nigeria, Vietnam, and the Philippines, as well as Turkey and Peru, are counted. It is also noteworthy that Switzerland ranked 15th with 11%. Switzerland is home to a Swiss bank that comes out like a cliche in a terrorist movie. It is a leading financial company that has adhered to the principle of secrecy regarding customers for a long time. It can be said that it is closely related to the flow of cryptocurrency.
Looking at such news, it is hard to be alert to the rapidly changing trends. Thus, other many countries should also take an investment opportunity, and they shouldn't be left behind.
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Hello. Nigeria in first place? I see... it makes sense after all that the Nigerian Prince sent me an email telling me I inherited 30 BTC. Must answer back and wire him the $20 bucks for clearance via Western Union. Cheers.